Don't go throwing your equipment out yet. Sometimes the player hasn't found the right combination of settings or listened from the right spot in the room.
First, know what sound you're looking for.
Then, set all your pots flat (12:00 noon), on both bass and amp. If your amp has gain and volume controls and it sounds boomy, turn the gain way down and then gradually up to a spot where you get the sound you're looking for.
Then start with the bass setting on your amp -- turn it down all the way, then up all the way, and find the spot somewhere in between where the speaker sounds best without distorting. Do the same with the treble, and then with the mids. Mids are the trickiest, so I wouldn't stray much from that high-noon setting if I were you. Then sit about 10 feet in front of the amp and listen -- this is close to what an audience hears. You'll find it's a very different sound than what you hear when you're right on top of the amp. Use your instrument pots for fine-tuning. And remember, you'll have to make changes for every venue you play in, so start by repeating the above in at least a couple different rooms in your dwelling -- one small, and one larger, preferably-- just to get used to the sonic differences. Practice makes perfect with amp settings, too.
If you change equipment, I like Klonk's recommendations, and you really can't go wrong with a Fender P bass no matter where it's made (unless you're looking more for the Jazz bass sound), but those amps are fairly pricey (and Genz Benz is out of business, so if you go that route, make sure you have a qualified repair guy nearby). I'm plenty impressed with my Fender Rumble 100, and so are my bandmates, and they're $299 new. I bought mine primarily because I'm old and it weighs only 22 lbs., but it's really a great amp for the price.
Take your time and good luck.